Leading cryptocurrencies remained stable, while stocks hit record highs on Wednesday as President Donald Trump declared the Iran war is nearing an end.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:15 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.26% | $74,569.15 |
| Ethereum (CRYPTO: ETH) |
+0.44% | $2,350.12 |
| XRP (CRYPTO: XRP) | +2.31% | $1.39 |
| Solana (CRYPTO: SOL) | +1.23% | $84.74 |
| Dogecoin (CRYPTO: DOGE) | +1.41% | $0.09477 |
Crypto Market Holds Steady
Bitcoin hovered around $74,000 for most of the day before surging to $75,000 in late trading. Trading activity remained on the lower side. Ethereum also wobbled in the $2,300 zone, while XRP and Dogecoin traded in the green.
Shares of Strategy Inc. (NASDAQ:MSTR) and Coinbase Global Inc. (NASDAQ:COIN) closed up 4.45% and 6.19%, respectively.
Over $210 million was liquidated in the past 24 hours, predominantly in short positions, according to Coinglass data.
Open interest in Bitcoin futures held steady over the last 24 hours, while retail and whale derivative sentiment continued to be bearish.
“Extreme Fear” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:15 p.m. EDT) |
| PlaysOut (PLAY) | +79.01% | $0.1829 |
| Enjin Coin (ENJ) | +61.42% | $0.09541 |
| siren (SIREN) | +19.34% | $0.8364 |
The global cryptocurrency market capitalization stood at $2.52 trillion, following a modest 0.12% increase in the last 24 hours.
Stocks Rally To Record Highs
Major indexes climbed to new highs on Wednesday. The S&P 500 gained 0.80% to end at 7,022.95, while the tech-focused Nasdaq Composite spiked 1.59% to settle at 24,016.02.
The Dow Jones Industrial Average was the outlier, losing 72.27 points, or 0.15%, to close at 48,463.72.
Trump continued to fuel optimism for de-escalation, saying in an interview that the Iran war is “very close to being over.”
The ceasefire is due to expire on April 22, however Bloomberg reported that the two sides are eyeing to extend it by another two weeks to buy more time for negotiations.
Oil prices remained steady, with West Texas Intermediate crude futures hovering around $90 per barrel.
‘Generation Entries’ For Bitcoin
Widely followed cryptocurrency analyst and trader Michaël van de Poppe doesn’t see an “extended” bear market for Bitcoin, with prices tumbling to $30,000-$40,000.
Citing historical analysis of Bitcoin’s bull/bear cycles, Van De Poppe stated that downsides have never been “heavier” than the upsides.
“I’m not saying that you shouldn’t expect a potential test of the lows anymore, that’s definitely possible, I don’t think that we’ll see much more downside from here,” the analyst projected.
Ali Martinez, another well-known cryptocurrency commentator, described $49,387 as the “final line of defense” for this BTC cycle
“However, in a true “black swan” or final capitulation, we often see a wick down to the -0.2 Standard Deviation Band at $36,657,” Martinez added. “These two levels can be considered Generational Entries.”
Photo: KateStock / Shutterstock
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